SEC Warns Advisers Over Privacy Compliance Issues

Craig A. Newman of Patterson Belknap writes:

The Securities and Exchange Commission is warning investment firms to step up their game when it comes to following the agency’s privacy rules. In a Risk Alert issued by the Office of Compliance Inspections and Examinations (OCIE), a laundry list of compliance “deficiencies or weaknesses” were identified in recent examinations of SEC-registered investment advisers and broker dealers.

Regulation S-P or the Safeguards Rule – the SEC’s primary rule regarding privacy – requires investment firms to “adopt written policies and procedures that address administrative, technical, and physical safeguards for the protection of customer records and information.”

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